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Gold and silver made a comeback as their prices sharply rose during most of last week, which was the best performing week for the bullion market during February. The news from the beginning of the week of EU ministers of finance approving the bailout package for Greece brought back some confidence in the financial markets including the Forex and commodities markets. Not only gold and silver rose during last week, but also the Euro, and oil were traded up. On the other hand, the news of the slight increase in the U.S. home sales may have curbed the rally of precious metals. By the end of week gold and silver rose by 2.93% and 6.42%, respectively.

Gold sharply rose during last week by 2.93%; furthermore, during last week the average price reached $1,763 /t. oz which is 2.24% above the previous week's average price of $1,725 /t. oz. Gold ended the week at $1,776 /t. oz.

Silver, even more than gold, sharply increased during last week by 6.42%; furthermore, this week's average price reached $34.63/t oz which is 3.61% above the previous week's average $33.43/t oz.

During the week, the average daily percent change of gold rose by 0.58%; silver also increased by an average daily rate of 1.27%.